If you have any questions, or would like additional information, including complete financial statements, please call 1-800-541-7767 or visit our web-site at www.Uniprop.com and click on “Latest Results of Public Funds”.
Distributions: The General Partner is pleased to maintain the quarterly distribution of $3.00 per unit. Enclosed please find your distribution check. For custodial accounts, a credit was posted to your account and a confirmation notice is enclosed.
Funds From Operations: Net Cash from Operations available for distributions to all Partners for the second quarter ending June 30, 2002 was $553,851, compared to $493,760 for the same period of the prior year. The quarterly Partnership Management Distribution to the General Partner was $146,750, calculated as ¼ of 1% of the most recent appraised value of the properties ($58.7 million). The General Partner made a total distribution of $112,500 for the quarter, 80% or $90,00 to the Limited Partners, and 20% or $22,500 to the General Partner. The remaining $294,601 was added to reserves, which stood at $538,438 or $295 per home site as of June 30, 2002 (prior to quarterly distribution).
Property Data: Occupancy rates and average rents are outlined in the table below:
|
Property |
Sites |
6/02 Occupancy |
6/01 Occupancy |
6/02 Avg. Rent |
6/01 Avg. Rent |
|
Aztec Estates |
645 |
89% |
89% |
$493 |
$485 |
|
Kings Manor |
314 |
97% |
94% |
$479 |
$466 |
|
Old Dutch Farms |
293 |
89% |
93% |
$432 |
$419 |
|
Park of Four Seasons |
572 |
99% |
99% |
$397 |
$382 |
|
COMBINED |
1,824 |
94% |
94% |
$450 |
$438 |
Consolidated Financial Results: For the second quarter ending June 30, 2002 the partnership generated total gross revenues of $3,043,489, compared to $2,430,227 for the second quarter of 2001. Net Operating Income was $1,339,725 or 8% greater, and Net Cash From Operations was $553,851, 12% higher.
Property |
Revenue |
Net Operating
Income |
Mortgage
Interest |
Net Cash Flow |
|
Aztec
Estates |
$1,243,202 |
$427,283 |
$253,948 |
$154,410 |
|
Kings
Manor |
664,254 |
311,644 |
128,990 |
152,356 |
|
Old
Dutch Farms |
390,209 |
199,709 |
114,882 |
38,938 |
|
Park
of Four Seasons |
741,167 |
450,078 |
174,002 |
257,136 |
|
Management
and Other |
4,657 |
(48,989) |
0 |
(48,989) |
|
COMBINED 6/30/02 |
3,043,489 |
1,339,725 |
671,822 |
553,851 |
|
COMBINED 6/30/01 |
2,430,227 |
1,237,037 |
678,452 |
493,760 |
Net Asset Value: The Net Asset Value is now $605.22, a decrease of 3.6% from the prior year.
Payments to Affiliates: Property management fees paid to Uniprop, an affiliate, were $113,284 for the quarter, compared to $111,175 for the second quarter of 2001.
Partnership Management Expenses: Partnership administrative expense for the quarter was a net $48,989 compared to $67,362 for 2001. Gross expenses of $53,646 were offset by interest income of $4,657.
P.I Associates, The General Partner
Paul M. Zlotoff, Its General Partner